| In the face of the current complex and volatile economic situation,the Fifth Plenary session of the 19 th CPC Central Committee made it clear that China’s economy has shifted from a stage of high-speed growth to a stage of high-quality development,and the driving force of economic growth has gradually shifted from factor-driven growth in the past to innovation-driven growth.Innovation is the core driving force of high-quality economic development.The innovation activities of enterprises cannot be separated from the support of financial resources.In the stage of high-quality economic development,faced with major changes unseen in a century,it is crucial to smooth the path of financial resources to support innovation activities and optimize the efficiency of financial support for the development of the real economy to form a higher level of dynamic balance in which demand leads supply and supply creates demand.The financing activities of enterprises are an important link for the financial system to serve the real economy.How their financing decisions affect the level of technological innovation is crucial for the efficiency evaluation of financial support for the real economy.Under the realistic background of deepening the structural reform of the financial supply side,this paper takes China’s A-share manufacturing listed companies from 2007 to 2020 as research samples,starting from the question of "what financing channels can effectively support innovative development",and based on the priority financing theory and trade-off theory,To explore the effect and mechanism of financing activities of different channels on innovation input and innovation output.This paper not only discusses the general law of the impact of corporate financing decisions on innovation level,but also identifies the internal logic of corporate financing decisions under different realistic situations.The research conclusions can provide scientific theoretical basis and rigorous empirical evidence for the design of the system and mechanism to optimize finance effectively support the efficiency of the real economy.The research content and main conclusions of this paper are as follows:First,distinguish innovation input and innovation output of enterprises,investigate the impact of endogenous financing decisions on enterprise innovation level,and based on the perspective of enterprise compensation incentive,analyze the internal mechanism of endogenous financing to support innovation development,and further distinguish the heterogeneity characteristics of enterprises to study the impact of endogenous financing decisions on innovation level.The results show that endogenous financing can effectively promote innovation input,but it has a significant negative impact on innovation output.The mechanism test results show that the mutual crowding out between executive compensation and employee compensation is the potential reason for the deviation of the impact of endogenous financing on innovation input and innovation output.To be specific,executive compensation incentive is the key factor of endogenous financing to support innovation input;On the other hand,the compensation incentive can effectively alleviate the inhibitory effect of endogenous financing on the level of innovation output.On the basis of microscopic characteristics of the enterprise,industry characteristics and the characteristics of regional economic environment,studies the influence of different real scenario enterprise endogenous financing effect is found,on the one hand,and high degree of financing constraints for non-state-owned enterprises,as well as the high and new technology industry and more competitive industry,endogenous financing decision for the promotion of enterprise innovation into effect is more apparent,At the same time,the inhibitory effect on the level of innovation output is not significant.On the other hand,in regions with a high degree of marketization,endogenous financing can effectively support the innovation and development of enterprises,while in regions with a high level of financial development,the marginal effect of endogenous financing in supporting the innovation level of enterprises is small.Second,distinguish the term structure and source structure of debt financing,and explore the effect and mechanism of corporate debt financing decisions on innovation level.The empirical results show that debt financing decision has a significant inhibitory effect on innovation input and innovation output.The mechanism is that debt financing increases the financial risk of enterprises and restrains the innovation and development of enterprises.Further subdivided debt type found that short-term borrowings of innovation input and output has a significant negative impact,longterm borrowing is conducive to innovation investment but still significant negative impact on innovation output,bond financing also has negative effects on innovation output and no significant influence on the innovation,commercial credit,both to promote enterprise innovation input levels,It can also increase innovation output.Finally,this paper makes a research on the creditor’s rights financing,found that the heterogeneity of enterprise innovation level effects ease the financing constraints,appropriate increase the degree of industry competition and can increase the degree of regional marketization are weakened inhibition effect of creditor’s rights financing innovation,study to explore the possible path optimization efficiency of enterprise innovation to provide empirical evidence.Thirdly,the equity refinancing behavior of listed companies is regarded as a quasi-natural experiment,and the impact of equity financing decisions of listed companies on innovation level is tested by constructing a different-difference model through the PSM method,and its mechanism is interpreted from the perspective of competition.The empirical results show that the decision of equity refinancing can significantly improve the level of innovation input and innovation output.But only private offering and cash subscription equity refinancing can promote enterprise innovation and development.The internal financing demand and the moral value orientation of the management are the internal conditions of equity refinancing to support the innovation and development of the enterprise.Further research on the impact of competitive factors on equity financing decisions and subsequent changes in enterprise innovation decisions shows that the degree of competition in the product market and the external competitive pressure faced by enterprises can improve the promotion effect of equity financing on enterprise innovation and development.The results of heterogeneity analysis show that for non-state-owned enterprises and enterprises with high financing constraints,enterprises with high degree of competition and high-tech industries,and enterprises with higher degree of marketization and relatively backward financial development level,the promotion effect of equity financing decisions on enterprise innovation level is stronger.Fourthly,based on the trade-off theory,this paper discusses the impact of corporate financing decisions on innovation development from the perspective of the deviation of optimal capital structure.The internal financing,debt financing and equity financing decisions of enterprises eventually form the actual capital structure of enterprises.This paper investigates the impact of the deviation of the optimal capital structure on the innovation and development of enterprises.It is found that the deviation of the actual capital structure from the optimal level is not conducive to the innovation and development of enterprises,no matter whether the enterprises are in the state of insufficient debt or excessive debt.Further,based on the current situation of high debt in China,the mediating effect model is used to explore the mechanism of the deviation of the optimal capital structure of over-indebted enterprises on innovation input and innovation output.The results show that the deviation from the optimal capital structure of over-indebted enterprises mainly inhibits the innovation and development of enterprises by increasing the financing cost and shortening the debt maturity.And the inhibition effect on state-owned enterprises,low financing constraints,low enterprise competition in the industry,the high and new technology enterprises,low marketization degree region and the level of financial development in the developed area of the enterprise is more significant,for deepening the reform of supply side structural structural deleveraging in the process of policy formulation provides a realistic basis.Compared with the existing researches,the innovation and marginal contribution of this paper are reflected in the following three aspects:First,it innovatively explores the influence mechanism of corporate financing activities on innovation decisions,and the research conclusions provide breakthrough practical evidence for stimulating the endogenous kinetic energy of enterprises.Specifically,firstly,based on the perspective of corporate compensation incentives,the paper identifies the internal conditions of endogenous financing to support innovative development,and complements and improves the existing literature on the motivation and economic consequences of endogenous financing decisions.This paper examines the effect of endogenous financing decisions on innovation input and innovation output activities.It is found that endogenous financing can promote innovation input,but inhibit innovation output.Based on this conclusion,this paper creatively and explore the internal financing,based on the perspective of salary incentive for innovation input and output in a departure from the underlying causes of the influence of not only complements the existing related research about the consequences of internal financing,also to the enterprise innovation input and output decision logic gives further explanation in economics.Secondly,it enriches the existing research on the impact of debt financing.In terms of the research on the economic consequences of corporate debt financing,although a small number of literatures have studied the impact of corporate debt financing on innovation decisions,no consensus has been reached.Previous studies have found that debt financing decisions can not only bring cash flow effect to enterprises,but also play the governance effect of debt contracts.However,the former can support R&D activities,while the latter may discourage the enthusiasm of R&D activities and inhibit the innovation vitality of enterprises.What effect plays a leading role in the impact of corporate debt financing on innovation and development? This paper investigates the effect of different debt financing decisions on innovation development by distinguishing debt financing structure of enterprises,and explores the specific path of debt financing decisions affecting innovation level.Thirdly,based on the perspective of competition,this paper takes the lead in theoretical analysis and empirical test of the internal mechanism and external conditions of equity refinancing to support enterprise innovation and development.Most existing literature researches on the motivation and economic consequences from equity financing,combined with the market competition environment,this paper reveals the product competition degree and the enterprise competition pressure influence on equity financing decision consequences,enrich the research of equity financing,the financial consequences,at the same time,improve the market competition mechanism to regulators give theory basis.Secondly,the traditional capital structure theory is applied to the heterogeneity scenario of Chinese enterprise decision-making,which expands the theoretical connotation of priority financing theory and trade-off theory.According to the pecking order financing theory,there is no expected optimal debt level for an enterprise,and whether an enterprise conducts financing depends on its investment projects.However,in the real situation,different enterprises face different financial frictions in different stages of financial market development,and the internal logic of enterprise financing decisions will also be different.After discussing the effects of different financing decisions of enterprises on innovative development,this paper further identifies the effects of financing decisions of enterprises on innovative development under different scenarios based on the micro characteristics of enterprises,industry characteristics and regional economic environment characteristics,and gives reasonable economic explanations for empirical evidence in combination with reality.The research of this paper expands the application boundary of priority financing theory and trade-off theory and enriches the practical application research of traditional capital structure theory.Thirdly,the paper compares the supporting effects of different financing options on enterprise innovation activities,providing empirical evidence for the effective support of finance to the real economy in the stage of high-quality development.At present,there is still no conclusion about which financing channels can support the innovation and development of enterprises.In different stages of financial development,there should be different answers to this question.This paper compares the effects of endogenous financing,debt financing and equity financing in supporting innovation input and innovation output.It is found that endogenous financing can only support innovation input,but inhibit innovation output.The debt financing decision of enterprises has inhibitory effect on innovation input and innovation output.Equity financing decision can support innovation input and innovation output at the same time.The research conclusion provides the latest practical evidence for the enterprise financing decision support innovation development,and provides the theoretical basis and policy enlightenment for stimulating the enterprise research and development power,driving the enterprise innovation development policy optimization. |
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